To amend the National Housing Act to restrict the collection of annual mortgage insurance premiums when a 78 percent loan-to value ratio is reached, and for other purposes.
12/19/2024, 9:06 AMSummary of Bill HR 10498
Bill 118 hr 10498, also known as the National Housing Act Amendment, aims to make changes to the way annual mortgage insurance premiums are collected under the National Housing Act. The main focus of the bill is to restrict the collection of these premiums once a 78 percent loan-to-value ratio is reached. This means that once a homeowner has paid off 78 percent of their mortgage, they would no longer be required to pay annual mortgage insurance premiums.The bill also includes provisions for other purposes related to the National Housing Act. These additional purposes are not specified in the summary, but could potentially include changes to how mortgage insurance premiums are calculated, requirements for mortgage lenders, or other regulations related to housing and mortgages.
Overall, the goal of Bill 118 hr 10498 is to provide relief to homeowners who have reached a significant milestone in paying off their mortgage by eliminating the burden of annual mortgage insurance premiums once a 78 percent loan-to-value ratio is achieved. This could potentially save homeowners money and make homeownership more affordable for many Americans.
Current Status of Bill HR 10498
Bill HR 10498 is currently in the status of Bill Introduced since December 18, 2024. Bill HR 10498 was introduced during Congress 118 and was introduced to the House on December 18, 2024. Bill HR 10498's most recent activity was Referred to the House Committee on Financial Services. as of December 18, 2024Bipartisan Support of Bill HR 10498
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 10498
Primary Policy Focus
Alternate Title(s) of Bill HR 10498
To amend the National Housing Act to restrict the collection of annual mortgage insurance premiums when a 78 percent loan-to value ratio is reached, and for other purposes.To amend the National Housing Act to restrict the collection of annual mortgage insurance premiums when a 78 percent loan-to value ratio is reached, and for other purposes.Comments
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Sponsors and Cosponsors of HR 10498
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